Life insurance company to close protection business

Fri, 30 Nov 2007

Standard Life, the Edinburgh based life insurance company that has been in the news relentlessly for their pursuit of closed life insurance fund Resolution, will now withdraw from the UK protection market according to reports in the financial services news today.

Starting from December 5th, Standard Life will withdraw from the protection market. The company say that the protection market in the UK is fiercely competitive, whilst their current protection proposition represents less than 1 per cent of sales.

The company have noted that their 2006 share of the protection market was just 0.6%, according to Association of British Insurers figures. A spokesman reportedly said: "It makes more commercial sense to focus our resource and investment on other lines of business which are able to generate more profitable returns. This is consistent with our corporate strategy of making the best use of capital in order to maximise shareholder value."
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